The SECURE Act
In December 2019, the SECURE Act was passed into law. The SECURE Act became effective on January 1, 2020. The SECURE Act changes how long retirement accounts can be collected for nonspousal beneficiaries. Before the SECURE Act passed, an individual named on a traditional individual retirement account (IRA) or on a ROTH IRA could collect the account over their life expectancy. The SECURE Act now generally provides that the individual would need to collect the IRA or ROTH IRA within 10 years of the account holder’s death. This is significantly shortening the period in which to continue the income tax… Continue reading